$KOPN
KOPIN CORP

2012 Q1 Form 10-Q Financial Statement

#000119312512225843 Filed on May 10, 2012

View on sec.gov

Income Statement

Concept 2012 Q1 2011 Q1
Revenue $10.87M $17.37M
YoY Change -37.46% -31.73%
Cost Of Revenue $7.149M $21.95M
YoY Change -67.43% 0.53%
Gross Profit $3.253M $6.211M
YoY Change -47.63% 71.57%
Gross Profit Margin 29.94% 35.75%
Selling, General & Admin $4.209M $4.445M
YoY Change -5.3% 22.12%
% of Gross Profit 129.4% 71.57%
Research & Development $3.002M $6.385M
YoY Change -52.98%
% of Gross Profit 92.29% 102.8%
Depreciation & Amortization $2.530M $1.930M
YoY Change 31.09% 4.32%
% of Gross Profit 77.77% 31.07%
Operating Expenses $7.212M $10.83M
YoY Change -33.41% 196.71%
Operating Profit -$3.494M $2.158M
YoY Change -261.91% -7293.28%
Interest Expense $980.0K -$30.00K
YoY Change -3366.67% -103.95%
% of Operating Profit -1.39%
Other Income/Expense, Net $1.036M $94.83K
YoY Change 992.0% 18.54%
Pretax Income -$2.458M $2.253M
YoY Change -209.13% 129.88%
Income Tax $97.40K $98.00K
% Of Pretax Income 4.35%
Net Earnings -$2.578M $2.066M
YoY Change -224.78% 98.65%
Net Earnings / Revenue -23.73% 11.89%
Basic Earnings Per Share -$0.04 $0.03
Diluted Earnings Per Share -$0.04 $0.03
COMMON SHARES
Basic Shares Outstanding 64.23M shares 64.74M shares
Diluted Shares Outstanding 64.23M shares 65.66M shares

Balance Sheet

Concept 2012 Q1 2011 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $102.0M $99.10M
YoY Change 2.89% -16.79%
Cash & Equivalents $43.39M $38.00M
Short-Term Investments $58.57M $61.10M
Other Short-Term Assets $1.500M $1.800M
YoY Change -16.67% -21.74%
Inventory $23.01M $22.00M
Prepaid Expenses
Receivables $12.83M $18.80M
Other Receivables $0.00 $0.00
Total Short-Term Assets $141.8M $141.7M
YoY Change 0.06% -8.64%
LONG-TERM ASSETS
Property, Plant & Equipment $33.79M $34.40M
YoY Change -1.78% 73.74%
Goodwill $1.640M
YoY Change
Intangibles $1.949M
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.902M $7.400M
YoY Change 33.81% -27.45%
Total Long-Term Assets $51.20M $51.90M
YoY Change -1.35% 73.0%
TOTAL ASSETS
Total Short-Term Assets $141.8M $141.7M
Total Long-Term Assets $51.20M $51.90M
Total Assets $193.0M $193.6M
YoY Change -0.32% 4.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.50M $8.700M
YoY Change 32.21% 26.09%
Accrued Expenses $7.200M $7.600M
YoY Change -5.26% 33.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $21.11M $19.40M
YoY Change 8.79% 22.01%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.300M $1.000M
YoY Change 30.0% 11.11%
Total Long-Term Liabilities $1.300M $1.000M
YoY Change 30.0% 11.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.11M $19.40M
Total Long-Term Liabilities $1.300M $1.000M
Total Liabilities $27.90M $25.10M
YoY Change 11.16% 19.52%
SHAREHOLDERS EQUITY
Retained Earnings -$126.2M
YoY Change
Common Stock $317.4M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $32.27M
YoY Change
Treasury Stock Shares 9.211M shares
Shareholders Equity $165.1M $168.5M
YoY Change
Total Liabilities & Shareholders Equity $193.0M $193.6M
YoY Change -0.32% 4.59%

Cashflow Statement

Concept 2012 Q1 2011 Q1
OPERATING ACTIVITIES
Net Income -$2.578M $2.066M
YoY Change -224.78% 98.65%
Depreciation, Depletion And Amortization $2.530M $1.930M
YoY Change 31.09% 4.32%
Cash From Operating Activities -$629.0K $499.2K
YoY Change -226.0% -80.5%
INVESTING ACTIVITIES
Capital Expenditures $1.776M $1.182M
YoY Change 50.24% -242.42%
Acquisitions -$94.35K $9.999M
YoY Change -100.94%
Other Investing Activities -$111.7K $394.3K
YoY Change -128.34% -87.79%
Cash From Investing Activities $2.042M -$11.73M
YoY Change -117.42% -588.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.272M $567.6K
YoY Change 124.09% 1792.15%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.272M -615.6K
YoY Change 106.65% 779.38%
NET CHANGE
Cash From Operating Activities -$629.0K 499.2K
Cash From Investing Activities $2.042M -11.73M
Cash From Financing Activities -$1.272M -615.6K
Net Change In Cash $141.3K -11.84M
YoY Change -101.19% -342.19%
FREE CASH FLOW
Cash From Operating Activities -$629.0K $499.2K
Capital Expenditures $1.776M $1.182M
Free Cash Flow -$2.405M -$682.9K
YoY Change 252.16% -120.15%

Facts In Submission

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CY2012Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<div> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>1. BASIS OF PRESENTATION</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The accompanying condensed consolidated financial statements include the accounts of Kopin Corporation, its wholly-owned subsidiaries, Kowon Technology Co., Ltd. (Kowon), a majority owned (78%)&#xA0;subsidiary located in Korea and Kopin Taiwan Corporation (KTC), a majority owned (90%)&#xA0;subsidiary located in Taiwan (collectively the &#x201C;Company&#x201D; or &#x2018;we&#x201D;). Ownership interests of Kowon and KTC not attributable to the Company are referred to as noncontrolling interests. All intercompany transactions and balances have been eliminated. The condensed consolidated financial statements for the three months ended March&#xA0;31, 2012 and March&#xA0;26, 2011 are unaudited and include all adjustments which, in the opinion of management, are necessary to present fairly the results of operations for the periods then ended. These condensed consolidated financial statements should be read in conjunction with the Company&#x2019;s financial statements and notes thereto, included in the Company&#x2019;s Annual Report on Form 10-K for the year ended December&#xA0;31, 2011.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The results of the Company&#x2019;s operations for any interim period are not necessarily indicative of the results of the Company&#x2019;s operations for any other interim period or for a full fiscal year.</font></p> </div>
CY2012Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
CY2012Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
1579381
CY2012Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5128996
CY2012Q1 us-gaap Foreign Currency Transaction Loss Before Tax
ForeignCurrencyTransactionLossBeforeTax
198344
CY2012Q1 us-gaap Other Comprehensive Income Reclassification Adjustment For Sale Of Securities Included In Net Income Before Tax
OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeBeforeTax
495659
CY2012Q1 us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
856170
CY2012Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1775988
CY2012Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.03
CY2012Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2526918
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-2377497
CY2012Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-350770
CY2012Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-212123
CY2012Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-198344
CY2012Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
24654794
CY2012Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Before Tax Period Increase Decrease
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPeriodIncreaseDecrease
1053379
CY2012Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5097707
CY2012Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
468000
CY2012Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
296456
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
64225456 shares
CY2012Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
155389
CY2012Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1831265
CY2012Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-156295
CY2012Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
1083722
CY2012Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1272037
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
64225456 shares
CY2012Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
-94351
CY2012Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1272037
CY2012Q1 us-gaap Profit Loss
ProfitLoss
-2057631
CY2012Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
10440958
CY2012Q1 kopn Increase Decrease In Prepaid Expense And Other Current Assets
IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets
-227453
CY2012Q1 kopn Income Before Minority Interest Earnings And Equity Investments
IncomeBeforeMinorityInterestEarningsAndEquityInvestments
-1901336
CY2012Q1 kopn Allowance For Doubtful Accounts Provisions Net Of Reversals
AllowanceForDoubtfulAccountsProvisionsNetOfReversals
67758

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